Bitcoin price analysis: BTC/USD bullish above $7,400, Charlie Lee says, “Own a Bitcoin before buying altcoins”


Share:
  • Bitcoin price is currently exchanging above $7,400 and is aiming for $7,500 in the short-term.
  • A support above $7,400 is essential to prevent declines into the $7,300 range.

Bitcoin spiked again before the close of the session yesterday. Similarly, as covered in the Bitcoin price analysis yesterday, a consolidation above $6,700 paved the way for another upside movement that broke above the critical resistance at $6,800 as well as long-term key resistance at $7,000. Moreover, the inverse head-and-shoulders pattern resulted in the bullish movement.

The sharp ascent retraced steps above $7,300 but lost steam short of $7,400. BTC/USD reacted with lower corrections but the Bulls stood their ground and the declines were stopped marginally above $7,300. Furthermore, after kicking off the trading today at approximately $7,314, the price recoiled even higher breaking above $7,500 during the Asian trading hours. Another downside correction occurred but found a support above $7,330.

Bitcoin price is currently exchanging above $7,400 and is aiming for $7,500 in the short-term. The stochastic RSI on the 1-hour timeframe chart is heading north but still at 50%. In the short-term, $7,600 is within reach, but first, the price must find a support above $7,500 and possibly consolidate gains above this level. In the meantime, a support above $7,400 is essential to prevent declines into the $7,300 range.

To sum it up, the trend is strongly bullish at the time of press, but it important that a support is established above $7,400.

In other news, Litecoin founder Charlie Lee has advised investors and cryptocurrency enthusiasts to first by at least one Bitcoin before diving in to purchase altcoins. Lee wrote this on his Twitter account and the message reads:

“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the s***coins you want!”

BTC/USD 15-minutes chart

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Could Aptos price buckle under pressure and crash 55%?

Could Aptos price buckle under pressure and crash 55%?

Aptos (APT) price is pushing on the red descending trend line to trigger a breakout trade with a rally toward $20.36. The move is an outlier as the downtrend since the beginning of February has not finished one day in the green. 

More Cryptocurrencies News

Cardano price looks overpriced, 17% nosedive likely for ADA

Cardano price looks overpriced, 17% nosedive likely for ADA

Cardano (ADA) traders need to face reality as markets are pivoting back toward a sticky inflation story, which contradicts the Goldilocks story that was the driving force in January.

More Cardano News

Luna Classic gears up for recovery after Binance support and latest upgrade

Luna Classic gears up for recovery after Binance support and latest upgrade

Terra Classic (LUNC) formerly known as LUNA is upgrading from its v1.0.4 version to v1.0.5. The world’s largest exchange by volume, Binance has announced support for Luna Classic, fueling a bullish narrative among LUNC holders. 

More Luna Classic News

XRP Price Prediction: Will Powell propel Ripple or dampen the 2023 bull rally?

XRP Price Prediction: Will Powell propel Ripple or dampen the 2023 bull rally?

Ripple (XRP) price sees traders front-running the main event for today with Federal Reserve Chair Jerome Powell taking the stage later this evening at 17:00 GMT in Washington.

More Ripple News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP